6M17 Company Updates

PT MitraBahtera Segara Sejati

August 2017

1

Table of Content

1

2

3

Disclaimer:

These materials have been prepared by PT Mitrabahtera Segara Sejati Tbk (the “Company”)

solely for information purposes and are not an offer to sell or an invitation to buy any

securities. Neither these materials nor anything herein forms the basis for any contract or

commitment whatsoever. These do not purport to be all-inclusive or to contain all of the

information a prospective or existing investor may desire. By retaining these materials, you

acknowledge and represent to the Company that you have read, understood and accepted the

terms of this notice.

These materials have not been independently verified. No representation or warranty,

expressed or implied, is made and no reliance should be placed on the fairness or

completeness of the information presented or contained in these materials. The opinion that is

expressed in these materials are subject to change without notice. To the extent maximum

limitation permitted by law, the Company or the Directors, employees, advisors, affiliates or

agents of the Company do not assume any responsibility, whatsoever for any loss arising from

or in connection with the use of this presentation or arising from anything expressly or

implicitly contained or referred to in these materials.

These materials may contain statements that constitute forward-looking statements and that

forward-looking statements are subject to various risks and uncertainties, many of which are

difficult to predict and generally beyond the control of the Company. Such statements,

estimates and projections reflect various assumptions by management concerning possible

anticipated results, which assumptions may or may not be correct. Neither the Company, its

affiliates nor any other person assumes responsibility for the accuracy and completeness of

the forward-looking statements in these materials. The materials are property of the Company

and any use and dissemination of the information is prohibited without the express written

consent from the Company.

Company’s Profile

03 About MBSS

04 The Management

05 Our Fleets

06 Operational Area

07 Our Clients

08 Financial Summary

Company’s Performance

10 Indonesia Coal Market Forecast

11 Macroeconomics Forecast

12 6M17 Performance Highlights

13 Barging Highlights

14 FC Highlights

15 Direct Cost Overview

Appendix

17 Summary Financial Statement

18 Shareholding Structure

19 Shares Performance and Dividend

2

PART 1. COMPANY’S PROFILE

3

About MBSS

• PT Mitrabahtera Segara Sejati Tbk (MBSS) is a leading Indonesian provider of integrated one-stop sea logistics and transportation solutions for bulk materials, particularly

coal. With more than 20 years of experience in the business, MBSS has earned a reputation for high quality, reliable service. Our customers consist of first and second-tier

coal producers, as well as end users.

• MBSS was founded in Jakarta, Indonesia in 1994 as a shipping company. Over time, we expanded our facilities, fleetand overall services to become a premier provider

capableof consistently meeting client requirements. In 2011, MBSS successfully listed on the Jakarta Stock Exchange (now the Indonesia Stock Exchange). In the same

year, MBSS also became a member of the Indika Energy group.

• Applying international operating standards and industry best practices to ensure efficient and reliable service for customers, MBSS is committed to sustainable growth and

excellence through strategic decision making and operations.

Material Handling

• Material handling and management and operation of on-shore facilities.

• The operations in this stage cover: crushing, screening, quality control,

stockpile management and conveyor system operation.

Barging

• Transport from loading port to unloading port (direct barging).

• Transport from loading port to anchorage point for transshipment.

Transshipment

• Transfer of coal from barge to mother vessel, which can be executed by

using geared vessel or intermediate facilities such as floating crane.

Integrated Solutions

4

The Management

Captain Hari Ananthanarayanan - President Director

Serves as President Director since September 2016. He also serves as Commercial Director at MBSS.

Hari holds a number of marine related certifications; Master Marine Class 1 Certificate (South Tyneside College, South Shields, UK), Advanced Diploma in Transportation Management

(Chartered Institute of Transport, UK). He also holds an MBA (Leicester University, UK), and also possess a Graduate Certificate in International Arbitration (University of Singapore), and a

Graduate Diploma in Maritime Law and Arbitration (National University of Singapore).

Lucas Djunaidi – Vice President Director

Serves as Vice President Director of MBSS since 2013. In additional to his role at MBSS, Mr. Djunaidi currently holds the position of Director at PT Kideco Jaya Agung and PT Indika Inti

Corpindo since his appointment in 2008 and served as Deputy Director – Financial Controller at PT Indika Energy Tbk from 2004-2016. Mr. Djunaidi obtained his bachelor’s degree in Economics,

majoring in Accountancy, from the University of Trisakti. He has also been awarded a Certified Professional Management Accountant from IAMI in September 2012. also attended various

Executive Leadership Development Programs, recently at Wharton Business School, University of Pennsylvania in May 2012 (CFO: Becoming a Strategic Partner).

Surya Aribowo - Director

Serves as Director since September 2016. He has spent close to 30 years in the coal mining industry.

Recently he was invited to join PT Mitrabahtera Segara Sejati as the GM of Operations.

Surya Aribowo graduated from Jayabaya University, Jakarta, majoring economics, specializing in management.

5

Our Fleets

2016

Addition

Disposal

6M17

86

-

(1)

85

2016

Addition

Disposal

6M17

75

-

(4)

71

2016

Addition

Disposal

6M17

4

-

-

4

Support vessel

2016

Addition

Disposal

6M17

1

-

-

1

Tugboats Barges

Floating

Cranes (FC) Others

Number of fleets Sets & Units

2016

Addition

Disposal

6M17

2

-

-

2

Floating Loading

Facilities (FLF)

Barging loading capacity per trip

270ft (4 sets)

300ft (48 sets)

330ft (8 sets)

365ft (11 sets)

Total barging capacity

20,000 t

360,000 t

80,000 t

137,500 t

597,500 t

Floating cranes loading rate per day

18,000 TPD (1 units)

20,000 TPD (2 units)

24,000 TPD (1 units)

50,000 TPD (2 units)

Total 6 FCs capacity *)

18,000 t

40,000 t

24,000 t

100,000 t

182,000 t

*) Consisting of 4 FCs & 2 FLFs

75 78 76 75 71

7 7 6 6 6

FY13 FY14 FY15 FY16 6M17

Barging (sets) FC (units)

6

Operational Area

7

Our Clients

Client Type of Service Contract

Kaltim Prima Coal (KPC) Barging 2-years contract (2015-2017)

Adaro Indonesia Barging 7-years contract (2010-2017)

Kideco Jaya Agung Barging

Floating Crane

3-years with 2-years contract extension (2014-2019)

5-years with 2-years contract extension (2013-2019)

Berau Coal Barging

Floating Crane

9-months contract (April-December 2017)

5-years with 3+2-years contract extension (2012-2022)

Mitra Maju Sukses (MMS) Barging 1-year with 2-years contract extension (2017-2020)

Sinarmas LDA Maritime Barging 1-year contract (2017-2018)

Winning Barging

Floating Crane

1-year contract (2016-2017)

Multi Tambangjaya Utama (MUTU) Barging 1-year contract (2016-2017)

CSTS Joint Operation Floating Crane 1-year contract (2017-2018)

Bukit Prima Bahari (BPB) Barging 6-months with 6-months contract extension (2017-2018)

8

Financial Summary

Note: Acquisition of MBSS’ majority

shares by Indika

Revenue US$m

EBITDA US$m

Assets US$m

Cash US$m

76.7

121.6

141.4 151.1

135.3

89.8

65.8

FY10 FY11 FY12 FY13 FY14 FY15 FY16

211.2

304.2

345.3 352.7 353.1

307.8

260.5

FY10 FY11 FY12 FY13 FY14 FY15 FY16

34.4

53.2

64.2

71.5

53.0

29.5

14.8

FY10 FY11 FY12 FY13 FY14 FY15 FY16

3.6 6.3

17.7

43.9

48.2

41.7

33.7

FY10 FY11 FY12 FY13 FY14 FY15 FY16

9

PART 2. COMPANY’S PERFORMANCE

10 Source: ESDM, Asosiasi Pertambangan Batubara Indonesia (APBI), Wood Mackenzie, and team analysis

Indonesia coal market forecast

413363416458422408

2012A 2013A 2017F 2014A 2016E 2015A

Indonesia coal production Export

252Mt

Transshipment Inland coal terminal

Export

99Mt

Export

153Mt

Domestic sale

Domestic

111Mt

Direct barge shipment

inter island

Indonesia Coal Flow

Top Tier

Non – top tier

Total National

Add. Transshipment

Less. Inland terminal

Potential market

Coal production (Mt)

226.9

136.1

363.0

2016E

111.0

Domestic

252.0

Export

111.0

252.0

(99.0)

264.0

Barging

252.0

(99.0)

153.0

FC

413

363

416

458422

408

2012A 2015A 2016E 2017F 2014A 2013A

-1%

-1%

11

Macroeconomics forecast

8068

5885

103

130

NCI

2016A 2015A 2017F 2011A

71

2014A 2013A 2012A

341 350 382327

252 292

67 7276

89

111121

Export

Domestic

413

2016E

363

2017F 2014A

408 416

2012A

422 458

2015A 2013A

US$ to IDRK Coal Index

Indonesia Coal Production

13.313.413.812.412.2

9.79.1

13.3

13.313.411.9

10.59.48.8

2016A

Mid Rate

Avr Rate

2015A 2017F 2014A 2012A 2011A 2013A

Source: ESDM, Indonesia Coal Book, Bank of Indonesia, news publication and team analysis

5544

49

9598

9298

2014A 2015A 2013A 2017F 2016A

WTI

2012A 2011A

Fuel Price

12

Description 2016A LTM 2017 6M17 6M16 % Change

Barging Volume (Mt) 22.1 20.8 9.9 *) 11.3 -12.0%

FC Volume (Mt) 12.8 11.7 5.4 *) 6.4 -16.3%

Description (in US$m unless

indicated) 2016A LTM 2017 6M17 6M16 % Change

Revenue 65.8 65.9 33.2 33.1 0.3%

Gross Profit 0.9 0.9 2.0 2.0 -3.3%

Operating Profit (10.6) (9.2) (2.1) (3.4) -39.8%

Net Interest (3.2) (3.0) (1.8) (1.7) 2.5%

NPAT (29.9) (27.7) (3.8) (6.1) -36.8%

EBITDA 14.8 16.2 9.7 8.3 16.7%

Capex 6.2 7.0 4.3 3.7 21.8%

Cash 33.7 32.1 32.1 30.5 4.9%

Total Assets 260.5 249.4 249.4 291.7 -14.5%

Total Debt 52.3 43.1 43.1 61.9 -30.4%

Total Equity 197.1 193.2 193.2 221.7 -12.9%

Debt to Equity (x) 0.27 0.22 0.22 0.28 -20.1%

Debt to EBITDA (x) 3.53 2.66

EBITDA to Interest (x) 4.69 5.45

6M17 Performance Highlights

*) exclude volume in Time Charter (TC) Contract

13

Barging Highlights

Revenue (in

US$m) 2016A

LTM

2017 6M17 6M16

Change

(%)

Adaro 13.7 13.1 5.6 6.2 (9.9)

Kideco 7.2 6.1 3.5 4.6 (24.1)

KPC 1.0 0.6 0.1 0.5 (85.5)

BCS 2.4 1.6 0.3 1.2 (74.2)

MMS 2.1 3.1 2.2 1.2 84.2

Others 0.6 2.4 2.4 0.6 393.0

Spot 20.7 22.5 9.9 8.1 22.7

Total 47.7 49.3 24.0 22.3 7.5

Description (in US$m unless

indicated)

2016A LTM

2017 6M17 6M16

Change

(%)

Revenue 47.7 49.3 24.0 22.3 7.5

Cost 49.9 50.3 24.0 23.6 1.6

Gross profit (2.2) (0.9) (0.0) (1.3) (98.8)

Gross profit (%) (4.7) (1.9) (0.1) (5.9) 590bps

Volume (Mt) 22.1 20.8 9.9 11.3 (12.0)

# of sets 75.0 71.0 71.0 76.0 (6.6)

Revenue (%)

43.4 45.7 41.3 36.2

56.6 54.3 58.7 63.8

100.0 100.0

LTM 2017

100.0

6M17

100.0

6M16

Contract

Spot

2016A

Contracts Duration Backlog

(US$m) Remarks

Adaro 2010 – 2017 4.0

Kideco 2012 – 2019 12.4

MMS 2017 – 2020 11.8*

Sinarmas LDA Maritime 2017 – 2018 0.4 TC Basis

Winning 2016 – 2017 0.1 TC Basis

Total 28.7

*) 1+2-years contract extension

14

FC Highlights

Revenue (in

US$m) 2016A

LTM

2017 6M17 6M16

Change

(%)

Berau 8.6 4.3 0.9 5.2 (82.1)

Kideco 6.1 4.2 2.9 4.1 (29.7)

BCS 2.7 1.4 - 1.2 (100.0)

CSTS - 0.6 0.6 - 100.0

Winning - 1.7 1.7 - 100.0

Others – Spot 0.7 4.3 3.2 0.3 909.4

Total 18.1 16.5 9.2 10.8 (14.7)

Description (in US$m unless

indicated)

2016A LTM

2017 6M17 6M16

Change

(%)

Revenue 18.1 16.5 9.2 10.8 (14.7)

Cost 14.9 14.7 7.2 7.5 (3.0)

Gross profit 3.2 1.8 2.0 3.4 (40.8)

Gross profit (%) 17.8 10.9 21.6 31.1 -3,107bps

Volume (Mt) 12.8 11.7 5.4 6.4 (16.3)

# of FC 6.0 6.0 6.0 6.0 -

Revenue (%)

95.973.8 65.4

97.1

26.2 34.6

Contract

Spot

100.0

6M16 6M17 2016A

100.0

4.1

100.0

2.9

100.0

LTM 2017

Contracts Duration Backlog

(US$m) Remarks

Berau 2017 – 2022 21.2*

Kideco 2012 – 2019 13.8

Winning 2016 – 2017 1.7 TC Basis

CSTS 2017 – 2018 1.5 TC Basis

Total 38.2

*) 5-years (Freight Contract) + (3+2-years contract extension Time Charter basis)

15

Direct Costs

Direct Cost (in US$m)

2016A LTM

2017 6M17 6M16

Change

(%)

Fuel 13.0 14.0 6.6 5.6 17.9

Labor 8.0 8.0 4.2 4.2 (1.1)

R&M 5.3 4.5 2.0 2.8 (26.5)

Depreciation 24.9 25.1 11.7 11.5 1.7

Vessel rental 1.4 0.9 0.0 0.5 (93.4)

Others 12.2 12.4 6.7 6.5 2.8

Total 64.8 65.0 31.2 31.1 0.5

6M17 vs 6M16 LTM17 vs 2016

LTM17 2016 6M17 6M16

24.023.222.623.0

76.076.877.477.0

LTM 2017 6M17

100.0 100.0

2016A

FC

6M16

Barging

100.0 100.0

Cost Barging – FC (%)

Fuel 20.1%

Depreciation 38.5%

Wages 12.4%

R&M 8.1%

Rental 2.1%

Others 18.8%

Fuel 21.6%

Depreciation 38.7%

Wages 12.3%

R&M 6.9%

Rental 1.5%

Others 19.1%

Fuel 17.9%

Depreciation 37.0% Wages

13.6%

R&M 9.0%

Rental 1.5%

Others 21.0%

Fuel 21.1%

Depreciation 37.4%

Wages 13.4%

R&M 6.6%

Rental 0.1%

Others 21.5%

16

PART 3. APPENDIX

17

Summary Financial Statement

Revenue

Cost

Gross profit

Operating expense

Operating income

Interest net

Forex

Others

Profit before tax

Income tax

Minority interest

NPAT

Depreciation

EBITDA

Gross profit (%)

EBIT (%)

NPAT (%)

EBITDA (%)

2016A LTM17 Profit and Loss (US$m) 6M17 6M16 Change (%)

Cash

Receivables

Inventory

Others

Total current assets

Fixed assets – net

Other non-current assets

Total assets

Trade payables

Current Portion of Long-term Debt

Bank loan

Other current

Total current liabilities

Long term debt

Others

Total liabilities

Equity

Retained earnings

Total equity

2016A LTM17 Balance Sheet (US$m) 6M17 6M16 Change (%)

65.8

64.8

0.9

11.5

(10.6)

(3.2)

(0.3)

(14.9)

(29.0)

0.8

0.1

(29.9)

25.4

14.8

1.4

(16.1)

(45.4)

22.6

65.9

65.0

0.9

10.1

(9.2)

(3.0)

(0.4)

(14.9)

(27.6)

0.8

(0.7)

(27.7)

25.5

16.2

1.3

(14.0)

(42.0)

24.6

33.2

31.2

2.0

4.0

(2.1)

(1.8)

(0.0)

0.3

(3.6)

0.4

(0.1)

(3.8)

11.8

9.7

5.9

(6.2)

(11.6)

29.3

33.1

31.1

2.0

5.5

(3.4)

(1.7)

0.1

0.1

(5.0)

0.4

0.7

(6.1)

11.7

8.3

4.9

(11.8)

(19.8)

24.1

0.3

0.5

(3.3)

(26.2)

(39.8)

2.5

(174.5)

176.9

(28.3)

0.3

(118.5)

(36.6)

0.2

16.7

(3.6)

(39.9)

(36.8)

16.4

33.7

16.8

2.5

3.4

56.4

199.7

4.4

260.5

7.0

-

34.2

1.9

43.2

18.1

2.1

63.4

69.4

127.7

197.1

32.1

17.3

3.1

4.3

56.7

192.2

0.6

249.4

8.9

0.7

2.0

1.7

13.4

40.4

2.5

56.3

69.2

124.0

193.2

30.5

26.1

4.4

10.2

71.3

217.1

3.3

291.7

3.6

-

31.8

2.5

37.9

30.2

2.0

70.0

70.2

151.5

221.7

4.9

(33.8)

(29.7)

(58.4)

(20.5)

(11.5)

(82.5)

(14.5)

151.3

100.0

(93.7)

(30.7)

(64.7)

34.1

27.7

(19.5)

(1.4)

(18.2)

(12.9)

32.1

17.3

3.1

4.3

56.7

192.2

0.6

249.4

8.9

0.7

2.0

1.7

13.4

40.4

2.5

56.3

69.2

124.0

193.2

18

Ownership Structure

PT Mitra Swire CTM

70.0%

PT Mitra Alam Segara

Sejati

60.0%

Mitrabahtera Segara

Sejati Pte. Ltd

100.0%

PT Mitra Jaya

Offshore

51.0%

PT Mitra Hartono

Sejati

50.0%

The China Navigation

Company Pte. Ltd.

25.7%

Public

23.3%

PT Indika Energy

Infrastructure

51.0%

19

Shares Performance and Dividend Payment History

52-week share performance (Jun’16 - Jun’17)

Highest Lowest Average Avg. Vol.

580 304 371

2,104 K

Dividend payment

Payment date 18 Jul. 2012 31 Jul. 2013 19 Jun. 2014 27 May 2015

Dividend distributed Rp43 per share Rp50 per share

US$0.0055 per share US$0.00920275/share

Payout ratio 30.5% 24.6% 25.0% 80.0%

0

200

400

600

800

1000

1200

1400

1600

1800

Jan-12 Jan-13 Jan-14 Jan-15 Jan-16 Jan-17 Jun-17

PT Mitrabahtera Segara Sejati Tbk Menara Karya, 12th Floor

Jl. H.R. Rasuna Said Block X-5 Kav. 1 - 2, Kuningan

Jakarta 12950, Indonesia

Tel.: (62-21) 57944755, 57944766 Fax.: (62-21) 57944767, 57944768

www.mbss.co.id